Gold Movement
Gold prices traded lower by 0.41% against the USD in the 24 hour period ending 23:00GMT, at 1258.90 per ounce, extending its previous day’s losses amid mounting speculation that the newly elected Ukraine-President, Petro Poroshenko, would strive towards ending the tensions between his country and Russia. Additionally, a stronger US Dollar also weighed on the demand prospects of the dollar-denominated commodity.
In the Asian session, at GMT0300, Gold is trading at 1256.90, 0.16% lower from yesterday’s close.
Gold is expected to find support at 1252.43, and a fall through could take it to the next support level of 1247.97. Gold is expected to find its first resistance at 1264.33, and a rise through could take it to the next resistance level of 1271.77.
The yellow metal is trading below its 20 Hr and 50 Hr moving averages.
